Corebridge Financial, Inc. (NYSE:CRBG) Shares Bought by Franklin Resources Inc.

Franklin Resources Inc. lifted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 68.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 423,654 shares of the company’s stock after buying an additional 172,397 shares during the quarter. Franklin Resources Inc.’s holdings in Corebridge Financial were worth $12,981,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Canada Pension Plan Investment Board lifted its holdings in Corebridge Financial by 249.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock worth $183,894,000 after buying an additional 4,507,322 shares during the last quarter. Marshall Wace LLP lifted its stake in Corebridge Financial by 201.1% during the second quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock worth $116,723,000 after purchasing an additional 2,677,105 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Corebridge Financial by 150.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock worth $103,707,000 after purchasing an additional 2,137,594 shares during the period. AQR Capital Management LLC increased its stake in Corebridge Financial by 40.3% during the second quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock valued at $129,961,000 after purchasing an additional 1,282,154 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of Corebridge Financial by 34.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock worth $104,032,000 after purchasing an additional 915,848 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. TD Cowen lifted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Morgan Stanley upped their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Barclays lifted their price objective on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Piper Sandler raised their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and an average price target of $35.08.

Insider Buying and Selling

In related news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction on Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the transaction, the insider now directly owns 127,282,642 shares in the company, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.08% of the company’s stock.

Corebridge Financial Stock Performance

CRBG opened at $29.66 on Friday. Corebridge Financial, Inc. has a 1-year low of $21.40 and a 1-year high of $34.66. The company has a market capitalization of $16.87 billion, a price-to-earnings ratio of -14.19, a price-to-earnings-growth ratio of 0.39 and a beta of 0.86. The business has a 50 day moving average price of $31.24 and a two-hundred day moving average price of $29.51. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. The business had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company’s revenue was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.05 earnings per share. Research analysts predict that Corebridge Financial, Inc. will post 4.81 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 annualized dividend and a dividend yield of 3.10%. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Corebridge Financial Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.